French oil and gas major Total SA (NYSE: TOT) said July 13 that it has completed a $1.5 billion deal to acquire Engie SA's upstream LNG business to become the second-largest player in the global LNG market.
Under the deal, Total said it would make additional payments of up to $550 million to Engie if there was an improvement in the oil markets in the coming year.
Total CEO Patrick Pouyanne said in a statement that the deal will give the company a worldwide market share of 10%.
The deal will see the group manage an overall LNG portfolio of around 40 million tonnes per year by 2020 and increase its share in the U.S. market, with a 16.6% stake in Engie's Cameron LNG project, he said.
Recommended Reading
FLNG Gimi Receives First Gas from BP’s FPSO in the GTA Field
2025-01-22 - Golar LNG’s Gimi FLNG vessel will support BP, which began flowing gas from wells at the Greater Tortue Ahmeyim Phase 1 LNG project in early January.
E&P Highlights: Feb. 18, 2025
2025-02-18 - Here’s a roundup of the latest E&P headlines, from new activity in the Búzios field offshore Brazil to new production in the Mediterranean.
Exxon Seeks Permit for its Eighth Oil, Gas Project in Guyana as Output Rises
2025-02-12 - A consortium led by Exxon Mobil has requested environmental permits from Guyana for its eighth project, the first that will generate gas not linked to oil production.
US Oil, Gas Rig Count Unchanged This Week
2025-03-14 - The oil and gas rig count was steady at 592 in the week to March 14. Baker Hughes said that puts the total rig count down 37, or about 6% below this time last year.
E&P Highlights: Jan. 27, 2025
2025-01-27 - Here’s a roundup of the latest E&P headlines including new drilling in the eastern Mediterranean and new contracts in Australia.